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State Farm Insurance
| founder = George J. Mecherle | location_city = Bloomington, Illinois | location_country = USA | location = | locations = 17,000 agents 391 claim offices 24 operations centers | area_served = USA and Canada | key_people = Edward B. Rust, Jr. (Chairman/CEO) | industry = Finance and Insurance | products = | services = Insurance, Banking, Investing | revenue = US$61,611 million (2007) 1.8% (Note: Based on 2006 accounting figures.) | operating_income = | net_income = US$3,664 million (2007) US$687 million | assets = US$104,842 million (2007) US$6,494 million | equity = US$58,142 million (2006) (Note: Based on 2006 accounting figures.) | owner = | num_employees = 68,000 | parent = | divisions = Insurance; mutual funds; State Farm Bank | subsid = see Companies below | slogan = Like a good neighbor, State Farm is there. | homepage = www.statefarm.com | footnotes = | intl = }} State Farm Insurance is a group of insurance and financial services companies. State Farm has remained the largest automobile insurer in the United States continuously since 1942 and insures more cars and homes in the United States than any other insurer. The group's main company is State Farm Mutual Automobile Insurance Company, a mutual insurance firm that also owns the other State Farm companies. The corporate headquarters are in Bloomington, Illinois. State Farm is ranked 32nd in the 2008 Fortune 500, which lists American companies by revenue. According to the Fortune Global 500, State Farm is also the world's largest mutual "P&C" (property & casualty insurance) firm; the only other P&C mutual in the Global 500 is Groupama in Europe. History State Farm was founded in 1922 as a mutual automobile insurance company owned by its policyholders. Despite the company's name, State Farm did not initially begin as a crop insurance company. Specifically, State Farm specialized in auto insurance for farmers. Founder George J. Mecherle believed that since farmers drove less and had fewer losses than city drivers, they should pay less for insurance. His idea was popular with farmers and made his new company successful. Since its inception, State Farm has expanded its services into other popular types of insurance, such as homeowners and life insurance, in addition to banking and financial services. State Farm's well-known jingle ("Like a good neighbor, State Farm is there") was written by American songwriter Barry Manilow in 1971.State Farm® – 1960s & 1970s State Farm has grown to include 67,000 employees and 17,000 agents servicing 77 million policies in the United States and Canada, and serving more than 1.9 million bank accounts. As of the year 2005, State Farm is insuring about 40 million vehicles.http://www.statefarm.com/_pdf/2005_yearinreview.pdf Edward B. Rust, Jr. is chairman of the board and chief executive officer of State Farm Mutual Automobile Insurance Company, and president and chief executive officer of State Farm Fire and Casualty Company, State Farm Life Insurance Company, and other principal State Farm affiliates. On March 1, 2007, State Farm Mutual Automobile Insurance Company announced it will pay $1.25 billion in dividends to its mutual auto insurance policyholders in 46 states, the District of Columbia and the Canadian province of New Brunswick.State Farm® Announces $1.25 Billion Mutual Auto Policyholder Dividend Companies State Farm Mutual Automobile Insurance Company also owns the other State Farm Companies: * State Farm Fire and Casualty Company * State Farm Life Insurance Company * State Farm Life and Accident Assurance Company (NY/CT/WI) * State Farm County Mutual Insurance Company of Texas (TX auto) * State Farm Indemnity Company / State Farm Guaranty Insurance Company (NJ auto) * State Farm General Insurance Company (CA home) * State Farm Florida Insurance Company (FL home) * State Farm Lloyds (TX home/commercial) * State Farm Bank, F.S.B. * State Farm Investment Management Corp. (SFIMC) * State Farm VP Management Corp. (SFVPMC) CEOs Financial services In recent years, State Farm has expanded into the financial services arena, such as banking and mutual funds. These are separate from its insurance products. This has expanded its competition beyond the traditional P&C insurance companies like GEICO, Progressive, Farmers Insurance Group, and USAA to include competition with leading banks and investment companies like Bank of America, Citi, JP Morgan Chase, Wells Fargo, Fidelity Investments, Charles Schwab, and E*TRADE. Criticism A recent investigation by CNN reported that major car insurance companies, including State Farm and Allstate Insurance, are increasingly fighting claims from those injured by their insured members. In some cases the settlement proposed amounts to just $50 or the threat that any lawsuit would be made so expensive and time-consuming that it wouldn't be worth the victim's time. State Farm and Allstate have denied these allegations.Auto insurers play hardball in minor-crash claims - CNN.com Competition State Farm's top automobile insurance competitors, based on premium written, include Allstate, Progressive, GEICO, Zurich, Nationwide, USAA, Liberty Mutual, American International Group, and American Family Insurance Group.http://www.iii.org/media/facts/statsbyissue/auto/ Non-Insurance related services State Farm in partnership with several U.S. highway authorities operates a service called the State Farm Safety Patrol which provides free roadside assistance to stranded motorists on participating highways, when you call the designated telephone number for the Safety Patrol they will respond and provide the following services, Fuel refills, radiator refills and Engine oil refills, Safety Patrol personnel are also CPR and Automated External Defibrillator certified, they work to reduce accident rates, minimize the duration time of incidents, assist disabled drivers and remove road debris. Highways which currently participate includes, E-470State Farm Safety Patrol on E-470 official website in Denver, Colorado, Florida's Turnpike in the State of FloridaState Farm Safety Patrol on Florida's Turnpike and the Sawgrass Expressway official website and the Pennsylvania Turnpike in the Commonwealth of PennsylvaniaState Farm Safety Patrol on the Pennsylvania Turnpike official website. See also * List of United States insurance companies References External links * State Farm — main official website ** State Farm Bank — official website ** State Farm's Youth Advisory Board — official website * State Farm's University of Illinois Research Center Category:Companies established in 1922 Category:Banks based in Illinois Category:Financial services companies of the United States Category:Insurance companies of the United States Category:Insurance companies of Canada Category:Mutual insurance companies Category:Companies based in Bloomington-Normal, Illinois Category:Illinois Insurance Companies de:State Farm fr:State Farm Insurance ro:State Farm Insurance